AmResearch has lowered its target price for UEM Sunrise Bhd to 94 sen per share versus RM1.28 per share previously, while maintaining its “Hold” rating.
It said on Tuesday the “Hold” call was due to its guarded outlook on UEM Sunrise’s near-term prospects.
AmResearch said this was amid weaker sentiments in the local property scene, particularly in Johor.
“Reflecting our conservative stance, we have also widened the discount attached to its net asset value per share, from 45% to 60%,” it said.
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It said on Tuesday the “Hold” call was due to its guarded outlook on UEM Sunrise’s near-term prospects.
AmResearch said this was amid weaker sentiments in the local property scene, particularly in Johor.
“Reflecting our conservative stance, we have also widened the discount attached to its net asset value per share, from 45% to 60%,” it said.
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